UPDATE - Chinese premier hosts US Commerce secretary, hopes for improved relations

UPDATES WITH MORE DETAILS, CHANGES HEADLINE, DECK, EDITS THROUGHOUT

By Riyaz ul Khaliq and Esra Tekin

ISTANBUL (AA) - Chinese Premier Li Qiang on Tuesday met US Commerce Secretary Gina Raimondo in Beijing, as the world's two largest economies strive to improve relations and restore communications.

Li said trade and economy are the cornerstones of China-US relations, and only through dialogue the two sides can understand each other’s concerns and find common ground, Chinese state media said.

"Mutual respect, peaceful coexistence, and win-win cooperation" were the correct ways for China and the US to get along, he said, hoping for improved bilateral cooperation.

Raimondo's visit follows recent visits by Treasury Secretary Janet Yellen and Secretary of State Antony Blinken.

Earlier, China's Vice Premier He Lifeng met Raimondo, who landed in the Chinese capital on Sunday on a four-day trip. The two sides engaged in "candid, pragmatic and constructive" discussions on implementing the agreements reached at the G-20 summit in Bali between President Xi Jinping and his US counterpart Joe Biden.

The Chinese delegation expressed its reservations about actions taken by the US, including tariffs, export controls and restrictions on bilateral investments.

Biden banned some US investment into China’s quantum computing, advanced chip and AI sectors, while China announced curbs on the export of gallium and germanium, two critical elements used in chipmaking.

Meanwhile, Raimondo also held a meeting with Chinese Culture and Tourism Minister Hu Heping. According a US Commerce Department handout, Raimondo underscored the importance of people-to-people exchange, and noted US efforts to "restore the United States as an approved destination for Chinese group travel, which will create jobs and grow the economies of both countries, and foster better understanding between the people and cultures of the two nations."

Raimondo and Hu agreed to hold the 14th China-US Tourism Leadership Summit in China in the first half of 2024.

The US secretary on Monday met Chinese Commerce Minister Wang Wentao, and the two agreed to establish a new commercial issues working group, as well as launch the export control enforcement information exchange.

A US press handout described the meeting as “part of ongoing efforts to deliver on President Biden’s directive following his meeting with President Xi in November 2022 to deepen bilateral discussions.”

They agreed that the working group will meet twice annually at the vice minister level, with the US hosting the first meeting in early 2024.

Raimondo and Wang also resolved to hold technical discussions regarding strengthening the protection of trade secrets and confidential business information, and communicate regularly at the secretary and minister-level about commercial and economic issues.